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Subject Description Form Subject Code MM4751 Subject Title Marketing Strategy Credit Value 3 Level 4 Pre-requisite/ Co-requisite/ Exclusion Pre-requisite: Introduction to Marketing (MM271/MM2711) Role and Purposes It provides students the opportunity to integrate and synthesize marketing theories, principles, and techniques to explain the strategic marketing actions undertaken by firms. It is important for students to understand the differences between developing versus managing marketing strategies. This course aims to enhance the all-round development of students in the ability to integrate skills and knowledge learned from marketing and various functional areas to formulate marketing strategy and its planning, from a strategic perspective, and to creatively review the effectiveness of the marketing strategies. Subject Learning Outcomes Subject Synopsis/ Indicative Syllabus 3.2011 Upon completion of the subject, students will be able to: a. Identify underlying factors that must be considered in developing marketing strategy, and assess the strategic trade-offs of marketing decisions. Including different aspects of the domestic and global business environment that set the parameters of choice within which business organizations set objective and take actions (modified from BBA learning outcomes 3.2.4 (xii)) b. Analyze business situations and problems, and the underlying marketing logic, by applying conceptual frameworks drawn from Marketing and general business practices leading to the development of marketing strategy (modified from BBA learning outcomes 3.2.4 (vii)) c. Understand industry structure and competitive position that determine a company’s strategic leverage. d. To develop a clear and objective process (framework) whereby the formulation of the marketing strategy can be effectively executed and communicated. e. Determine what marketing strategy can realistically accomplish for a business and evaluate, from a strategic perspective, the appropriateness of a marketing strategy. f. To develop precise English Communication in presenting their strategic recommendation with clear and strong rationale and argument (modified from BBA learning outcomes 3.2.4 (i)) Perspectives/paradigms for marketing planning: To establish the importance of Market oriented perspectives versus that of production and sales driven perspectives. Differences among the resources-based perspective and other theoretical perspectives for strategic marketing planning. Value-based marketing approach to strategic marketing planning MM4751 Marketing Strategy Page 1 of 4 Competitive advantage Relationships between competitive advantage and marketing strategy. Creation and maintaining sustainable competitive advantages. Key success factors and sources of competitive advantage. Benchmarking techniques. Competitive advantage and creation of extra values to customers. The strategic role of internet marketing, i.e. the use of internet marketing to enhance competitive strength. Analytical and Strategic models Basic marketing concepts such as PLC, product definition, segmentation, positioning, etc., Analytical theories such as BCG portfolio model, directional matrix technology portfolio, 5-forces, positioning map, etc. Strategic Marketing models such as Ansoff, Porter’s Generic Strategic framework and McKinsey 7S, etc Implementation and control Organizing for successful implementation. Marketing audit and control. Behavioral issues in formulation and implementation of marketing plans. Teaching/Learning Methodology The experiential learning approach has been proved as the most effective approach that allows students to apply the marketing knowledge and skills they have learned. This approach requires engaging students, i.e. to move from passive learning to participative learning that is interactive and experiential. As such, the teaching approach for this subject includes the following elements: Assessment Methods in Alignment with Intended Learning Outcomes Project development and presentation, Strategic marketing case analysis and discussions, Individual assignment (a report on a detailed studies of a specific strategic topic), & Final examination Specific assessment methods/tasks Continuous Assessment* 1. Group Project 2. Individual Report 3.2011 % weighting Intended subject learning outcomes to be assessed (Please tick as appropriate) a. b. c. d. √ √ √ √ e. f. 50% 17.5 % 10 % 4. Individual attendance and participation 5% Examination 50% MM4751 Marketing Strategy √ √ 17.5 % 3. In class presentation/group works √ √ √ √ √ √ √ √ √ √ √ √ Page 2 of 4 Total 100 % *Weighting of assessment methods/tasks in continuous assessment may be different, subject to each subject lecturer. To pass this subject, students are required to obtain Grade D or above in BOTH the Continuous Assessment and Exam components. Explanation of the appropriateness of the assessment methods in assessing the intended learning outcomes: the various methods are designed to ensure that all students taking this subject – Immediate feedbacks are given to students after class discussions and students presentations. Students are encouraged to develop their own strategic thinking instead of following what’s been given to them, and they will be evaluated accordingly. Students are encouraged to establish clear rationale for all arguments and recommendations. Evaluations will focus mainly on: o the strategic development process instead of the outcome. o Applications of marketing concepts/frameworks in developing sound and effective marketing strategy instead of the knowledge of these concepts, i.e. they are assumed to have a good knowledge of these marketing concepts to begin with. Student Study Effort Expected Class contact: Lectures 28 Hrs. Seminars 14 Hrs. Other student study effort: Reading and Preparation for lectures/Seminars 42 Hrs. Preparation for Project & Individual Assignment 42 Hrs. Total student study effort Reading List and References 126 Hrs. Recommended Textbook Schnaars, Steven P., Marketing Strategy: Customers and Competition, Free Press, 1998. Walker, Orville C., Harper W.Boyd and Jean-Claude Larreche, Marketing Strategy: Planning and Implementation, 4th ed., McGraw-Hill, 2003. References Sudharshan, D., Marketing Strategy: Relationships, Offerings, Timing and Resource Allocation, Prentice-Hall, 1995. Lele, Milind M., Creating Strategic Leverage: matching Company Strengths with Market Opportunities, John Wiley & Son, 1992. Czepiel, John A., Competitive Marketing Strategy, Prentice-Hall, 1992. Kerin, Roger A., Vijay Mahajan, and P. Rajan Varadarajan, Contemporary Perspectives 3.2011 MM4751 Marketing Strategy Page 3 of 4 on Strategic Market Planning, Allyn and Bacon Publishing Inc., 1990. Jain, Subash C., Marketing Planning and Strategy, 3rd ed., South-Western Publishing, 1990. Schnaars, Steven P., Marketing Strategy: Customers and Competition, The Free Press, 1998. Seybold, Patricia B., Customers Com, Times Business Press, 1998. Zeff, Robbin and Brad Aronson, Advertising on the Internet, John Wiley, 1999. Mittal and Sheth, Value Space: Winning the Battle for Market Leadership, McGraw-Hill, 2001. Cravens, D.W. and Piercy, N., Strategic Marketing, McGraw-Hill, 2003. 3.2011 MM4751 Marketing Strategy Page 4 of 4